Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Franklin Resources Inc.

Franklin Resources Inc. boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 21.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 391,263 shares of the software maker's stock after purchasing an additional 69,374 shares during the quarter. Franklin Resources Inc. owned approximately 0.05% of Fortinet worth $32,408,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Eagle Capital Management LLC grew its stake in shares of Fortinet by 2.2% in the 2nd quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker's stock valued at $1,545,000 after buying an additional 544 shares during the period. Raymond James & Associates boosted its holdings in Fortinet by 6.3% during the 2nd quarter. Raymond James & Associates now owns 517,899 shares of the software maker's stock valued at $31,214,000 after acquiring an additional 30,576 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in shares of Fortinet by 4.2% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 177,401 shares of the software maker's stock worth $10,692,000 after purchasing an additional 7,128 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Fortinet by 2.9% in the second quarter. Fifth Third Bancorp now owns 18,672 shares of the software maker's stock valued at $1,125,000 after purchasing an additional 533 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC acquired a new position in shares of Fortinet during the second quarter worth about $375,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FTNT has been the topic of several research reports. KeyCorp raised Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price objective on the stock in a report on Thursday. HSBC upgraded shares of Fortinet from a "hold" rating to a "buy" rating and boosted their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Wells Fargo & Company lifted their price target on Fortinet from $80.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Tuesday, November 19th. Hsbc Global Res raised shares of Fortinet from a "hold" rating to a "strong-buy" rating in a research note on Monday, November 11th. Finally, Scotiabank raised their price target on shares of Fortinet from $85.00 to $110.00 and gave the company a "sector outperform" rating in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $92.77.

Fortinet Price Performance

Shares of FTNT traded up $1.49 during midday trading on Thursday, reaching $94.85. The stock had a trading volume of 4,582,498 shares, compared to its average volume of 5,403,759. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $100.59. The company has a market capitalization of $72.70 billion, a price-to-earnings ratio of 47.90, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company's 50-day moving average is $89.69 and its 200 day moving average is $75.07. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom purchased 355 shares of the company's stock in a transaction on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the company's stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,123 shares of company stock worth $6,227,201. Insiders own 18.00% of the company's stock.

Fortinet Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.